Crypto Frontline

BTCUSD (Coinbase)

Bitcoin’s bullish momentum softened last week as the price dipped towards the $100k area. We anticipated the move and that turned out to be a short-term buying opportunity. Looking at the 4h chart, the price managed to move above the 200 SMA, but still, we can’t see sustained heavy buying that might push the price to new all-time highs. 

The market seems to be waiting for the next major catalyst and until that happens, volatility should remain low and Bitcoin stuck inside a narrow range. Looking for major support/resistance areas and reliable price action formations around them is the best approach right now. 

Based on current conditions, BTC should clear out $106k in order to suggest the next target will be $110k. If that doesn’t happen and the price drops below the 200 SMA again, then our attention will shift back to $100k. Longer-term, it’s good to see the market consolidating not too far from the highs. That’s indicative of profit-taking, as compared to sellers entering the market aggressively. The RSI trades close to 50, which means the price could go either way from here. 

ETHUSD (Kraken)

As we said a week ago, $2,700 is a major resistance in Ether and that’s still the case. We can easily see how sellers had a slight advantage during the last few days, since the price dropped to $2,400 before finding buyers. 

Things are starting to weaken and testimony for that is the series of lower highs and lower lows emerging on the chart. If that string continues, ETH could weaken towards the $2,300 support area. We expect buyers to opportunistically enter there, since it’s a place where the price bounced impulsively on May 18th. If it doesn’t happen, attention will shift lower to $2,100. 

To the upside, things haven’t changed dramatically. We still see $2,570 and $2,700 as key resistance levels. Breaking above them will show confidence from the bulls’ side and that could mean $3,000 would be the next likely target. 

TRXUSD (Bitfinex)

While BTC and ETH consolidate, some altcoins seem to be performing better. A good example is Tron, where we see the price trending higher. This coin surged in December 2024 and since then has been moving lower. 

After a 50% retracement, buyers were incentivized to enter long again, treating the 20 cents area as support. The recovery is under way and at the time of writing, we see the price floating above the 20 EMA, treating it as support with every pullback. 

If conditions don’t change, the move should extend higher, as capital moves into altcoins. We see 30 cents as the immediate resistance level, but the market could continue to advance to 35 or 40 cents. We say that because the move starts to look parabolic and there is a chance of volatility increasing to the upside. Only a break below 20 cents will negate our current bullish stance and that doesn’t seem like a possible scenario for now.